JTC extends deadline for Permira Advisors offer as rival circles

(Alliance News) - JTC PLC on Friday said it has extended the deadline for a firm takeover bid from Permira Advisors, after rejecting previous offers.

The Jersey, Channel Islands-based professional services firm has delayed the 'put up or shut up' deadline to October 24 from the original deadline on Friday.

JTC is the object of two rival takeover approaches.

In mid-September, it also said it was in early discussions for a potential offer from US private equity funds manager Warburg Pincus, which has until October 10 to make a firm offer.

London-based private equity firm Permira Advisers confirmed at the end of August that it had made advances to JTC. Bloomberg reported at the time that JTC had rejected a proposal valuing the firm at around GBP2.0 billion, though no official financial details have been disclosed.

The PUSU deadline relates to Permira's fourth revised offer, made in mid-September.

JTC said discussions with Permira continue, and there is no certainty of firm offers from either Permira or Warburg Pincus.

This comes after JTC reported "strong momentum" during the first half, lifting its interim dividend despite a 49% profit decline. Pretax profit for the six months ended June 30 fell to GBP10.2 million from GBP19.9 million a year prior, but the company increased its half-year payout to 5.0p per share from 4.3p a year before.

JTC shares were 0.8% higher at 1,282.00 pence on Friday morning in London.

By Holly Munks, Alliance News reporter

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